By MICHAEL EDLEN | Special to the Palisadian-Post
As of October 31, there were 104 single-family Palisades residences listed in the Multiple Listing Service, which is 4% higher than the available inventory this time last year. So far this year, 173 Palisades homes have sold, which is 6% lower than last year at this time. There are now 25 homes in escrow in the Palisades.
The average sale price per square foot has decreased by 4% as compared with the same period in 2018 and is now at $1,152 per square foot. Median sale prices are currently $3,055,000, compared to $3.34 million a year ago—an 8% decrease.
The lowest-priced available home is a bank-owned, four-bedroom, four-bath on Mount Holyoke at $1,724,500. The highest-priced property is an eight-bedroom, 13-bath home on Rivas Canyon, asking $18.95 million.
The lowest sale price so far this year was a two-bedroom, two-bath on Sunset, which sold for $1,595,000. The highest sale so far this year continues to be the eight-bedroom, 12-bath new construction sale on Ravoli, which sold for over $21 million.
There are 25 condominiums/townhouses on the market. They range from one-bedroom, one-bath on Sunset (Edgewater Towers) offered at $669,000 to a three-bedroom, two-bath penthouse on Sunset (also in Edgewater Towers) for $2,149,000. There are six additional units being made available before completion of construction in the One Coast development at Sunset near PCH.
Ten condos are currently in escrow. There have been 63 condo sales so far this year, ranging from $515,000 for a three-bedroom, two-bath condo on Palisades Drive to $2.35 million for a three-bedroom, three-bath unit on Haverford. The median condo sale price is currently $1,125,000, which is an 11% decrease over this time last year.
There are currently five pieces of raw land available, ranging from a 3,850-square-foot, land-locked lot on Castellammare, being offered at $1.3 million to $3.15 million for two acres on El Bosque Court in The Highlands. There are three lots pending and have been two sales so far this year.
There are currently 75 available leases in the Palisades. They range from a two-bedroom, two-bath unit on Sunset asking $4,200 per month to a seven-bedroom, 10-bath home on Amalfi asking $85,000 per month.
There have been 213 leases so far this year. The highest lease so far this year was a six-bedroom, eight-bath on La Cumbre for $100,000 per month and the lowest was $1,800 per month for a guesthouse on Glenhaven. The median was $8,800 per month.
Michael Edlen, an agent with Coldwell Banker, has been keeping statistics on Pacific Palisades housing prices for the last 33 years.